Axos Financial, Inc. (AX) 10-Q Quarterly Report Wed Apr 29 2020

SAN DIEGO, CA – (BUSINESS WIRE) – April 29, 2020 – Axos Financial, Inc. (NYSE: AX) (“Axos”), parent company of Axos Bank (the “Bank”), today announced financial results for the third fiscal quarter ended March 31, 2020. Net income was $56.1 million, an increase of 44.4% from $38.8 million for the quarter ended March 31, 2019. Earnings attributable to Axos’ common stockholders were $56.0 million or $0.91 per diluted share for the third quarter of fiscal 2020, an increase of 44.5% from $38.7 million or $0.63 per diluted share for the third quarter ended March 31, 2019.

Adjusted earnings and adjusted earnings per diluted common share (“adjusted EPS”), non-GAAP measures, which excludes non-cash amortization expenses and non-recurring costs related to mergers and acquisitions, and other non-recurring costs increased 11.9% to $57.7 million and increased 11.9% to $0.94, respectively, for the quarter ended March 31, 2020 compared to $51.5 million and $0.84, respectively, for the quarter ended March 31, 2019.

Third Quarter Fiscal 2020 Financial Summary



	Three Months Ended March 31
(Dollars in thousands, except per share data)	Q3 Fiscal 2020		Q3 Fiscal 2019		% Change
Net interest income	$	148,616	$	129,169	15.1%
Non-interest income	$	31,542	$	26,098	20.9%
Net income	$	56,057	$	38,821	44.4%
Adjusted earnings (Non-GAAP)¹	$	57,652	$	51,518	11.9%
Net income attributable to common stockholders	$	55,980	$	38,744	44.5%
Diluted EPS	$	0.91	$	0.63	44.4%
Adjusted EPS (Non-GAAP)¹	$	0.94	$	0.84	11.9%
¹ See “Use of Non-GAAP Financial Measures”

For the nine months ended March 31, 2020, net income was a record $138.1 million, an increase of 20.6% over net income of $114.5 million for the nine months ended March 31, 2019. Earnings attributable to Axos’ common stockholders were $137.9 million or $2.23 per diluted share for the nine months ended March 31, 2020, an increase of 21.9% from $114.3 million or $1.83 per diluted share for the nine months ended March 31, 2019. Record earnings for the fiscal third quarter and for the nine months ended March 31, 2020 were primarily the result of growth in the Bank’s loan and lease portfolio.

“We maintained strong profitability and efficiency in a volatile environment,” stated Greg Garrabrants, President and Chief Executive Officer of Axos. “Our team members and management team adjusted quickly to accommodate the needs of our clients, employees and partners across our consumer, commercial and securities businesses. Our record quarterly earnings, strong capital ratios and credit metrics are a direct result of our diverse and efficient business model and our culture of execution.”

The following information was filed by Axos Financial, Inc. (AX) on Wednesday, April 29, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Axos Financial, Inc.'s 10-Q Quarterly Report:

Other - Other Highlight
Factors that could cause actual results to differ from these forward-looking statements include uncertainties surrounding the severity, duration, and effects of the COVID-19 pandemic, changes in the interest rate environment, inflation, government regulation, general economic conditions, changes in the competitive marketplace, conditions in the real estate markets in which we operate, risks associated with credit quality, the outcome and effects of pending class action litigation filed against the Company and other risk factors discussed under the heading "Item 1A.

Financial - Earnings Highlight
For the three months ended March 31, 2020, the net interest margin, defined as annualized net interest income divided by average earning assets, increased from 4.84% to 4.90% compared to the three months ended March 31, 2019.
Financial - Dividend Highlight
The increases in interest and dividend income for the three and nine months ended March 31, 2020 was primarily attributable to the continued growth in average earning assets from loan and lease originations, as well as the addition of securities borrowed and margin lending from our Securities Business.
Financial - Expense Highlight
Data processing expense decreased $0.6 million for the three months ended March 31, 2020 compared to three months ended March 31, 2019, primarily due to decreased costs associated with the Bank's core processing system.
Financial - Earnings Highlight
We believe the non-GAAP measures of adjusted earnings and adjusted EPS provide useful information about the Bank's operating performance.
Financial - Earnings
For the nine months ended...Read more
Financial - Income
The growth of net interest...Read more
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Failure by our Company or...Read more
Financial - Earnings
We define net income without...Read more
Financial - Earnings
For the three and nine...Read more
Financial - Expense
For the three months ended...Read more
Financial - Income
The growth of net interest...Read more
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Although we believe the non-GAAP...Read more
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However, actual results may differ...Read more
Financial - Income
The increase was primarily the...Read more
Financial - Income
Information is provided with respect...Read more
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Securities services includes fully disclosed...Read more
Financial - Earnings
These forward-looking statements relate to,...Read more
Financial - Expense
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Other - Other
However, based on past experience...Read more
Financial - Expense
For the nine months ended...Read more
Financial - Expense
Total interest expense was $36.4...Read more
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Provisions for loan and lease...Read more
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Net cash provided by financing...Read more
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Below is a reconciliation of...Read more
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Other general and administrative costs...Read more
Financial - Debt
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Selected information concerning the Securities...Read more
Financial - Earnings
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The following table sets forth...Read more
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Information presented for March 31,...Read more
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Our relationship with H&R Block...Read more
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At March 31, 2020, the...Read more
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Total liabilities increased $828.3 million,...Read more
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Excess FDIC expense is defined...Read more
Financial - Income
The $2.8 million increase in...Read more
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Financial - Dividend
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Total salaries and related costs...Read more
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For purposes of modeling net...Read more
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Advertising and promotional expense increased...Read more
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Non-performing assets consisted of the...Read more
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As a percentage of total...Read more
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Tangible book value is calculated...Read more
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Allowance for Loan and Lease...Read more
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A third derivative action, DeYoung...Read more
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Readers should be aware of...Read more
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During a period of falling...Read more
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Non-interest income increased $14.8 million...Read more
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The non-performing assets increase of...Read more

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Material Contracts, Statements, Certifications & more

Axos Financial, Inc. provided additional information to their SEC Filing as exhibits

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

Ticker: AX
CIK: 1299709
Form Type: 10-Q Quarterly Report
Accession Number: 0001299709-20-000080
Submitted to the SEC: Wed Apr 29 2020 4:22:03 PM EST
Accepted by the SEC: Wed Apr 29 2020
Period: Tuesday, March 31, 2020
Industry: Savings Institution Federally Chartered

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Axos Financial, Inc. (AX) SEC Filing 10-Q Quarterly report for the period ending Tuesday, March 31, 2020

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